AstraZeneca fired up by US sales

ANGLO-Swedish pharmaceuticals giant AstraZeneca enjoyed a 16% sales push in its diverse drugs portfolio in the last quarter of 2001 that helped lift pre-tax profits for the three months by 12% to $1.1bn (£780m).

Full-year pre-tax profits rose 7% to $4.27bn on sales 8% ahead at $16.48bn. Although the results were in line with expectations, the shares rose 135p to 3225p.

Sales are continuing on a high, mainly in the world's biggest drugs market, the US. There, AstraZeneca's gastrointestinal drug Nexium commands 16% of the American prescription market.

Chief executive Tom McKillop said sales momentum from the group's existing drugs and the launch of new products planned for the current year 'will drive the transformation of our portfolio over the next two years'.

Competition for its bestselling drugs Losec and Zestril should be offset by new drugs being developed by the group.

AstraZeneca plans to spend a further $2bn on share buybacks, having purchased 37.2m shares at a cost of $1.62bn over the past year.